For Immediate Release

Singapore PE Firm Elite Partners Capital Invests S$3.0 Million (€1.95

Million) in Norwegian Cold Chain Management Specialist TAG Sensors

Pål Kastmann, Director and Commercial Counsellor of Innovation Norway (extreme left), Micheal Tan, CEO of
Elite Partners Capital (second from the left), Knut Nygård, CEO of TAG Sensors (second from the right) and the
Ambassador of Norway to Singapore, HE Anita Nergaard (extreme right)

Singapore/Oslo 8 July 2019 – Singapore private equity firm Elite Partners Capital (“EPC”)
announced today its investment of S$3.0 million (€1.95 million) in TAG Sensors, a Norway-
based provider of advanced solutions to track and log the temperature of perishable and
sensitive products, both in storage and during transportation.

TAG Sensors’ proprietary Temperature Logging Label is a low-cost, printable temperature

sensor that can be attached to a product or package, facilitating continuous tracking of an
item’s temperature from production to consumption.
EPC’s Elite InNorvate Growth LP, a Singapore-based fund dedicated to investments in
Norwegian growth companies, signed the agreement for an investment of a significant
minority stake in TAG Sensors.

Following the investment, TAG Sensors will set up its Asian headquarters in Singapore to
leverage on the country’s skilled local talent, modern IT infrastructure, rigorous IP protection
and strategic importance as a major logistics hub.

The investment represents one of the first investments by a Singaporean fund in a technology
company from Norway, which is seeking to diversify from its traditional reliance on the oil
and gas sector. EPC will leverage on its network and resources to help TAG Sensors expand in
Asia, a region of rapid economic growth which is experiencing accelerated demand for
advanced logistics solutions.

The investment agreement was signed by EPC’s Executive Chairman Mr. Micheal Tan and TAG
Sensors’ CEO Mr. Knut Nygård and CFO Mr. Thomas Nilssen at the Norwegian Embassy in
Singapore. The signing was witnessed by the Ambassador of Norway to Singapore, Her
Excellency Anita Nergaard, and Innovation Norway’s Director and Commercial Counsellor Pål
Kastmann.

Established in 2012, TAG Sensors is a recipient of a €1.4 million grant from Horizon 2020, the
EU Research and Innovation programme. It offers solutions that include Big Data analysis,
digitalization, blockchain, sensor technology, and RFID and NFC wireless technologies.

TAG Sensors aims to become the global standard in cold chain integrity measurement and
analytics; identifying and ultimately reducing product waste in the food and pharmaceutical
industries.

EPC’s Micheal Tan said, "TAG Sensors has a suite of technologies which can transform the
entire cold chain logistics industry. Our investment decision is anchored by the firm belief that
this is a game-changer which has great potential for expansion in Asia and beyond.”

“We also hope that through this inaugural investment in Norway, EPC can help facilitate
Singapore as an important bridge between Asian capital and Nordic technology. This will also
open up more Asian-EU economic and technological partnerships,” he added.

TAG Sensors’ Knut Nygård said, "We are delighted to have EPC as a significant investor. We
intend to tap on EPC’s network to expand across Asia and add value to the cold chain sector
across the region. EPC is a welcome addition to our existing investors that include London-
based Breed Reply and Platform Ventures USA.”
Innovation Norway’s Pål Kastmann said, “Norway’s startup and growth companies are highly
innovative and have great potential for development. EPC’s investment in TAG Sensors
underpins Singapore’s receptiveness to innovation and we hope that this will be the first of
many partnerships between Singapore and Norway.”
“Innovation Norway has been working with TAG Sensors for the past four to five years
targeting several markets worldwide. We are very pleased that it has successfully diversified
its portfolio to include food transportation technology, and believe Singapore will be a perfect
point of expansion into South East Asian markets,” he added
--End of Press Release—

For further information, please contact:

WeR1 Consultants Pte Ltd (Investor Relations) www.wer1.net
Jordan Teo / Ryan del Agua Tel: +65 6737 4844
elite@wer1.net

About Elite Partners Capital

Headquartered in Singapore, Elite Partners Capital is an alternative asset management
company focused on the management of yield-accretive real estate assets with high growth
potential and well-defined exit strategies. Backed by a team with proven expertise in private
equity and real estate investment trusts (REITs), its threefold investment philosophy aims to
protect initial capital, preserve investment value and create new growth opportunities.
Elite Partners Capital is a Registered Fund Management Company with the Monetary
Authority of Singapore (MAS) under the Securities and Futures (Licensing and Conduct of
Business) Regulations.
For more information, please visit: http://elitepartnerscapital.com

About TAG Sensors

Founded in 2012, TAG Sensors is a complete cold chain logistics solution for the food and
pharmaceutical industries. It has developed the first low-cost, full visibility solution that
ensures and proves that temperature sensitive foods and pharmaceutical products have been
stored and transported within the temperature limits.

TAG Sensors’ radio-frequency identification (RFID) Temperature Logger Label is the only one
on the market that can effectively track temperature and other variables of an individual
package from production to consumption, ensuring transparency, improving quality control
and minimising wastage due to improper handling.

The TAG Sensors platform comprises individual Smart Tags for each good equipped with an
RFID antenna and temperature sensors, a Tag Management System database that provides
logs of sensor labels and alerts quality managers when the temperature is incorrect as well as
mobile applications and gate readers.

For more information, please visit: http://tag-sensors.com/